GENFIT Announces Voluntary Delisting of ADS from Nasdaq
GENFIT is making a significant change in its listing strategy, marking the effectiveness of its voluntary delisting of American Depositary Shares (ADSs) from The Nasdaq Global Select Market. This decision is centered around streamlining the company's reporting obligations and enhancing its focus on core operational goals in the biopharmaceutical sector.
Key Move Towards Enhanced Focus
The company actively seeks to suspend its reporting obligations under the Securities Exchange Act of 1934 concerning the ADSs and ordinary shares by filing a Form 15F with the SEC. This move highlights GENFIT’s commitment to optimizing its operations and minimizing unnecessary administrative burdens, thereby allowing for greater flexibility and focus on its strategic initiatives.
Important Information for ADS Holders
As the Bank of New York Mellon will serve as the depositary for GENFIT's ADS facility, holders need to be informed about how this delisting may affect them. Each ADS currently represents one ordinary share of GENFIT, and the company plans to terminate the Deposit Agreement by early February 2026. This change signifies the end of one chapter and the preparation for a more concentrated business approach moving forward.
Exchange of ADSs for Ordinary Shares
ADS holders will have until February 9, 2026, to surrender their ADSs to receive the underlying ordinary shares. This process will involve fees of up to $0.05 per ADS and a cable fee of $17.50. To facilitate this exchange, it is advisable for ADS holders to communicate with their brokers to ensure all necessary instructions and details are included during the surrender process.
Future of GENFIT's Ordinary Shares
After the outlined surrender period, the Depositary might opt to sell any remaining ordinary shares associated with the ADSs. For holders of ADSs whose shares have been sold, claiming payment for the proceeds will involve surrendering the ADSs to secure their compensation net of costs.
Processing Queries Efficiently
Investors can still engage with the Bank of New York Mellon to inquire about their ADSs. Whether they seek to exchange for ordinary shares or receive cash from sold shares, connecting with depositary representatives is crucial to ensure smooth transactions.
Spotlight on GENFIT
Committed to advancing treatments for rare and life-threatening liver diseases, GENFIT, a pioneer in this field, continues to innovate. Its focus on Acute on-chronic Liver Failure (ACLF) and other critical liver conditions demonstrates the company’s dedication to addressing unmet medical needs. By developing therapeutic assets that target key mechanisms involved in these diseases, GENFIT strives to improve patient outcomes.
GENFIT's Therapeutic Development and Achievements
The company’s research and development efforts have been fruitful, particularly in 2024 when Iqirvo (elafibranor) received accelerated approval from key regulatory agencies. This therapeutic innovation reveals GENFIT's capability in tackling complex liver diseases and reinforces its solid scientific base cultivated over two decades.
The Broader GENFIT Portfolio
In addition to its therapeutic focuses, GENFIT is actively engaged in the diagnostics space, exemplified by products like NIS2+ for metabolic dysfunction-associated steatohepatitis (MASH). The company continually enhances its capabilities, providing comprehensive solutions for patients and healthcare professionals.
Global Presence and Investor Relations
With headquarters in Lille, France, and offices in key international locations such as Paris, Zurich, and Cambridge, MA, GENFIT operates in a dynamic global market. As a publicly traded entity on both Nasdaq and Euronext under the ticker GNFT, the company has attracted significant investment interest, underscored by Ipsen acquiring a notable stake in recent years. For any investor inquiries, GENFIT provides accessible contact points for communication.
Frequently Asked Questions
What does GENFIT's delisting mean for ADS holders?
ADS holders can surrender their ADSs until February 9, 2026, to receive ordinary shares or cash from any sold shares, as per the outlined process.
What are the fees associated with the ADS surrender?
There are cancellation fees up to $0.05 per ADS and a cable fee of $17.50 for processing the surrender.
How can investors contact GENFIT for inquiries?
Investors can contact GENFIT's Investor Relations team via telephone or email for any questions regarding their ADSs or the conversion process.
What is GENFIT's main focus in drug development?
GENFIT primarily focuses on treating rare and life-threatening liver diseases, including Acute on-chronic Liver Failure and Primary Biliary Cholangitis.
Where is GENFIT headquartered?
GENFIT is headquartered in Lille, France, with additional offices in Paris, Zurich, and Cambridge.
